California home prices posted an eighth straight annual increase in October, the latest evidence that the state's housing market recovery is picking up steam amid tight inventories. The median price for new and existing houses and condominiums reached $285,000, up 18.8 percent from $240,000 in October 2011 and hovering near a four-year high of $287,000 in September, DataQuick said.
To view local market conditions and real estate prices throughout Ventura County, please visit www.prucalhomes.com to sign up for weekly market update reports. Foreclosed properties made up a smaller part of the sales mix, lifting the median price because they tend to sell at steep discounts. DataQuick said homes that were foreclosed upon in the previous year accounted for 17.4 percent of existing home sales last month, down from 34 percent a year earlier and down from 58.5 percent in February 2009.
The total number of homes sold is actually up, even though we hear inventory is low. It is just selling too fast. There were 39,254 homes sold in the state last month, up 15.2 percent from 34,087 sales the same period last year, DataQuick said. The gains come in an environment of low borrowing rates and a limited supply of homes for sale.
Many homeowners are still owe more than their property is worth, making them reluctant to put their homes up for sale until prices climb. According to research firm CoreLogic, several California markets exceed national figures for homeowners with "negative equity." At Prudential California Realty, we have a dedicated Short Sale Department, fully-staffed with expert negotiators to ensure a stress-free and smooth transaction.
If you or someone you know wants to take advantage of this great market to buy or sell a home in Southern California, please visit www.prucalhomes.com to contact a local real estate agent, or call 888-352-1652.
